Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LyondellBasell Industries N.V. | d385423d8k.htm |
| EX-99.2 - PRESENTATION - LyondellBasell Industries N.V. | d385423dex992.htm |
Exhibit 99.1
| ||||
| NEWS RELEASE | ||||
FOR IMMEDIATE RELEASE
ROTTERDAM, Netherlands, July 27, 2012
LyondellBasell Reports Second-Quarter 2012 Results
Second-Quarter 2012 Highlights
| • | $768 million net income or $1.33 diluted earnings per share |
| • | Second-quarter EBITDA of $1,774 million |
| • | Olefins margins in North America and Europe expanded as raw material costs declined |
| • | Interim quarterly dividend increased by 60 percent to 40 cents per share |
| • | Berre refinery moved to discontinued operations; business segments have been realigned by moving Oxyfuels to Intermediates and Derivatives |
LyondellBasell Industries (NYSE: LYB) today announced earnings for the second quarter 2012 of $768 million, or $1.33 per share. Discontinued operations had no impact on earnings in the second quarter. Second-quarter 2012 EBITDA was $1,774 million, a 44 percent increase from the first quarter 2012. Second quarter net income includes the net negative effect of $191 million, or $0.33 per share, related to charges associated with debt repayments and inventory accounting valuations, partially offset by proceeds from an insurance settlement.
Comparisons with the prior quarter and second quarter 2011 are shown below:
Table 1 - Earnings Summary(a)
| Millions of U.S. dollars (except share data) |
Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
June 30, 2011 |
June 30, | |||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| Sales and other operating revenues |
$ | 11,248 | $ | 11,734 | $ | 13,306 | $ | 22,982 | $ | 24,686 | ||||||||||
| Net income(a) |
768 | 599 | 803 | 1,367 | 1,463 | |||||||||||||||
| Income from continuing operations |
768 | 594 | 851 | 1,362 | 1,533 | |||||||||||||||
| Diluted earnings per share (U.S. dollars): |
||||||||||||||||||||
| Net income(b) |
1.33 | 1.04 | 1.38 | 2.37 | 2.56 | |||||||||||||||
| Income from continuing operations |
1.33 | 1.03 | 1.46 | 2.36 | 2.68 | |||||||||||||||
| Diluted share count (millions) |
577 | 575 | 575 | 576 | 569 | |||||||||||||||
| EBITDA(c) |
1,774 | 1,228 | 1,593 | 3,002 | 3,013 | |||||||||||||||
| EBITDA excluding LCM inventory valuation adjustments |
1,845 | 1,228 | 1,593 | 3,073 | 3,013 | |||||||||||||||
| (a) | Includes net loss attributable to non-controlling interests and loss from discontinued operations, net of tax. See Table 11. |
| (b) | Includes diluted loss per share attributable to discontinued operations. |
| (c) | See the end of this release for an explanation of the Company’s use of EBITDA and Table 9 for reconciliations of EBITDA to net income. |
| LyondellBasell Industries www.lyondellbasell.com
|
1 |
During the second quarter 2012, results improved over the first quarter 2012, with the most significant improvements being in global olefins and North America polyolefins, which benefited from increased margins driven by lower feedstock costs.
Results also reflect the following charges and benefits:
Table 2 - Charges (Benefits) Included in Income from Continuing Operations
| Millions of U.S. dollars (except share data) |
Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
June 30, 2011 |
June 30, | |||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| Pretax charges (benefits): |
||||||||||||||||||||
| Charges and premiums related to repayment of debt |
$ | 329 | $ | — | $ | 12 | $ | 329 | $ | 12 | ||||||||||
| Reorganization items |
— | (5 | ) | 28 | (5 | ) | 30 | |||||||||||||
| Corporate restructurings |
— | — | 61 | — | 61 | |||||||||||||||
| Impairments |
— | 22 | 4 | 22 | 4 | |||||||||||||||
| Sale of precious metals |
— | — | (41 | ) | — | (41 | ) | |||||||||||||
| Warrants - mark to market |
— | 10 | (6 | ) | 10 | 53 | ||||||||||||||
| Insurance settlement |
(100 | ) | — | — | (100 | ) | (34 | ) | ||||||||||||
| Environmental accruals |
— | — | 16 | — | 16 | |||||||||||||||
| Lower of cost or market inventory adjustment |
71 | — | — | 71 | — | |||||||||||||||
| Total pretax charges (benefits) |
300 | 27 | 74 | 327 | 101 | |||||||||||||||
| Provision for (benefit from) income tax related to these items |
(109 | ) | (5 | ) | (21 | ) | (114 | ) | (10 | ) | ||||||||||
| After-tax effect of net charges (credits) |
$ | 191 | $ | 22 | $ | 53 | $ | 213 | $ | 91 | ||||||||||
| Effect on diluted earnings per share |
$ | (0.33 | ) | $ | (0.03 | ) | $ | (0.09 | ) | $ | (0.36 | ) | $ | (0.16 | ) | |||||
“During the second quarter, we continued to demonstrate the earnings power of our company as margins strengthened over the first quarter,” said Jim Gallogly, LyondellBasell Chief Executive Officer. “While global economic uncertainties dominate the headlines, our company’s performance has remained strong. NGL supply and costs continue to drive favorable U.S. olefin results particularly in the Midwest where ethane prices declined to below equivalent fuel values,” he stated.
“The Olefins and Polyolefins-EAI segment benefited from improved European olefin margins and joint venture dividend payments despite weak European economic conditions, which led to lower volumes. The Intermediate and Derivatives, and Technology segments continue to demonstrate strong, steady performance. The Houston refinery operated near full capacity; however, low by-product values impacted refining results,” Gallogly said.
“We accomplished several key milestones during the second quarter, including completing a major Channelview turnaround, finalizing our debt refinancing and raising our interim quarterly dividend by 60 percent,” Gallogly indicated.
OUTLOOK
“While we expect global economic uncertainty to continue and related volatility to limit our near-term visibility, we remain focused on the fundamentals. In North America, current ethane and propane raw
| LyondellBasell Industries www.lyondellbasell.com
|
2 |
material prices position our North American olefins business to remain advantaged relative to global ethylene producers. On the other hand, our European olefins and polyolefins business will be challenged, and thus we will continue efforts to improve our relative cost position,” Gallogly added.
“Safe and reliable operations, proprietary technologies, and access to low cost feedstocks in the U.S. and Middle East position us well to generate strong earnings and free cash flow. LyondellBasell is poised to move forward to a new chapter in which we are pursuing growth projects targeted to take advantage of opportunities created by North America’s shale gas development,” Gallogly said.
LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT
LyondellBasell operates in five business segments: 1) Olefins and Polyolefins – Americas; 2) Olefins and Polyolefins – Europe, Asia, International (EAI); 3) Intermediates and Derivatives; 4) Refining; and 5) Technology.
We ceased operations at the Berre refinery on Jan. 4, 2012, and the dormant equipment was mothballed. The majority of the product and raw material inventories at the refinery have been sold. Consistent with these actions and beginning with the second quarter results, these operations are now considered to be discontinued operations for U.S. GAAP reporting purposes.
Additionally, our segments have been realigned with the movement of the oxyfuels business to the Intermediates and Derivatives segment. In the past, the marketing of oxyfuels was aligned with the sale of products from our refining business, particularly related to Berre and significant European sales. However, with the closure of the Berre refinery, responsibility for business decisions relating to oxyfuels has been moved to the Intermediates and Derivatives business management function, as the profits generated by these products are related to sourcing decisions regarding certain co-products of propylene oxide production. Consistent with this change, our former Refining and Oxyfuels segment has been renamed the Refining segment.
Appendices A through D provide select financial data outlining and recasting these reporting changes.
| LyondellBasell Industries www.lyondellbasell.com
|
3 |
Olefins and Polyolefins - Americas (O&P-Americas) – The primary products of this segment include ethylene and its co-products (propylene, butadiene and benzene), polyethylene, polypropylene and Catalloy process resins.
Table 3 - O&P–Americas Financial Overview
| Millions of U.S. dollars |
Three Months Ended | Six Months Ended June 30, |
||||||||||||||||||
| June
30, 2012 |
March
31, 2012 |
June
30, 2011 |
||||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| Operating income |
$ | 700 | $ | 519 | $ | 508 | $ | 1,219 | $ | 929 | ||||||||||
| EBITDA |
776 | 598 | 577 | 1,374 | 1,061 | |||||||||||||||
| EBITDA excluding LCM charges |
847 | 598 | 577 | 1,445 | 1,061 | |||||||||||||||
Three months ended June 30, 2012 versus three months ended March 31, 2012 – O&P-Americas segment EBITDA increased $178 million versus the first quarter 2012. Second quarter 2012 results include a $71 million Lower of Cost or Market adjustment. Compared to the prior period, olefins results increased approximately $170 million primarily due to improved margins. Average ethylene sales price decreased 6 cents per pound while the company’s average cost of ethylene production metric decreased approximately 13 cents per pound. The decrease in the cost of ethylene production was driven by lower natural gas liquids and naphtha prices. Ethylene production volume increased by approximately 150 million pounds after the completion of the Channelview turnaround in April. Polyethylene results increased approximately $30 million, primarily as a result of a decrease in ethylene raw material cost, which more than offset a decrease in polyethylene pricing. Polypropylene results improved approximately $30 million from the first quarter 2012, primarily due to higher margins. Overall, polyolefin sales volumes declined approximately 7 percent in the second quarter 2012 compared to the first quarter 2012. The segment received $29 million in the second quarter from an insurance settlement for Hurricane Ike.
Three months ended June 30, 2012 versus three months ended June 30, 2011 – O&P-Americas results increased $199 million versus the second quarter 2011. Olefins results increased approximately $230 million compared to the prior year period, largely as a result of significantly improved margins driven by lower natural gas liquids prices. Combined polyolefins results improved by approximately $30 million. Second quarter 2012 results include a $71 million Lower of Cost or Market adjustment.
| LyondellBasell Industries www.lyondellbasell.com
|
4 |
Olefins and Polyolefins - Europe, Asia, International (O&P-EAI) – The primary products of this segment include ethylene and its co-products (propylene and butadiene), polyethylene, polypropylene, global polypropylene compounds, Catalloy process resins and Polybutene-1 resins.
Table 4 - O&P–EAI Financial Overview
| Millions of U.S. dollars |
Three Months Ended | Six Months Ended June 30, |
||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
June 30, 2011 |
||||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| Operating income |
$ | 203 | $ | 3 | $ | 203 | $ | 206 | $ | 378 | ||||||||||
| EBITDA |
335 | 101 | 273 | 436 | 602 | |||||||||||||||
Three months ended June 30, 2012 versus three months ended March 31, 2012 – O&P-EAI segment EBITDA increased $234 million versus the first quarter 2012. Olefins results increased approximately $180 million from the first quarter 2012 primarily due to margin expansion for light olefins and butadiene. Margin expansion was the result of declining raw material costs coupled with higher quarterly average sales prices. Combined polyolefin results were relatively unchanged. Polypropylene compounds and polybutene results were relatively unchanged from the first quarter 2012. Dividends, primarily from our Saudi Arabia (SEPC) and Thailand (HMC Polymers) joint ventures, totaled $59 million during the second quarter 2012.
Three months ended June 30, 2012 versus three months ended June 30, 2011 – O&P-EAI segment EBITDA increased $62 million versus the second quarter 2011. Compared to the second quarter 2011, olefins results were relatively unchanged while polyolefin results declined approximately $80 million primarily due to lower volumes and margins. Polypropylene compounding and polybutene results were $10 million higher than the prior year driven by higher margins. Second quarter 2012 includes $59 million related to dividend payments from our joint ventures. Second quarter 2011 results included charges of approximately $60 million from an O&P-EAI staff reorganization and environmental remediation.
| LyondellBasell Industries www.lyondellbasell.com
|
5 |
Intermediates and Derivatives (I&D) – The primary products of this segment include propylene oxide (PO) and its co-products (styrene monomer, tertiary butyl alcohol (TBA), isobutylene and tertiary butyl hydroperoxide), and derivatives (propylene glycol, propylene glycol ethers and butanediol), acetyls, ethylene oxide and its derivatives, and oxyfuels.
Table 5 - I&D Financial Overview
| Millions of U.S. dollars |
Three Months Ended | Six Months Ended June 30, |
||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
June 30, 2011 |
||||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| Operating income |
$ | 390 | $ | 370 | $ | 327 | $ | 760 | $ | 603 | ||||||||||
| EBITDA |
455 | 418 | 419 | 873 | 740 | |||||||||||||||
Three months ended June 30, 2012 versus three months ended March 31, 2012 – I&D segment EBITDA increased $37 million versus the first quarter 2012. EBITDA included an $18 million insurance settlement related to Hurricane Ike, and $14 million of dividends from our Asian PO joint ventures. The underlying PO and derivatives results were relatively unchanged. Intermediates results increased versus the prior quarter primarily driven by PO co-products margin improvement. Oxyfuels results were relatively unchanged compared to the prior quarter.
Three months ended June 30, 2012 versus three months ended June 30, 2011 – I&D EBITDA increased $36 million compared to the second quarter 2011. The underlying PO and derivatives EBITDA was relatively unchanged versus the prior year period. Intermediates results decreased by approximately $50 million compared to the second quarter 2011 primarily due to the absence of a $41 million gain on the sale of precious metals. Oxyfuels results improved approximately $40 million between the periods mainly as a result of stronger margins.
I&D also benefited from an insurance settlement payment of $18 million in the second quarter 2012 related to Hurricane Ike and dividend payments from our Asian PO joint ventures, which totaled $14 million.
| LyondellBasell Industries www.lyondellbasell.com
|
6 |
Refining – The primary products of this segment include gasoline, diesel fuel, heating oil, jet fuel, and petrochemical raw materials.
Table 6 - Refining Financial Overview
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| Millions of U.S. dollars |
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||
| Operating income |
$ | 124 | $ | 10 | $ | 258 | $ | 134 | $ | 416 | ||||||||||
| EBITDA |
161 | 48 | 293 | 209 | 483 | |||||||||||||||
Three months ended June 30, 2012 versus three months ended March 31, 2012 – Refining segment EBITDA increased $113 million versus the first quarter 2012. The Houston refinery operated near capacity at 267,000 barrels per day, an increase of 8,000 barrels per day from the prior quarter. The benchmark crack spread Maya 2-1-1 increased $3.01 per barrel to $23.16 per barrel in the second quarter 2012. Relative to the benchmark spread, results continue to be negatively impacted from depressed by-product values such as coke. Refining segment EBITDA results reflect $53 million related to a Hurricane Ike insurance settlement in the second quarter.
Three months ended June 30, 2012 versus three months ended June 30, 2011 – Refining segment EBITDA decreased $132 million versus the second quarter 2011 due to a decline in the Maya 2-1-1 benchmark and lower by-product values. The 2011 period benefited from favorable crude purchasing opportunities. Second quarter 2012 EBITDA results included a $53 million benefit related to a Hurricane Ike insurance settlement.
| LyondellBasell Industries www.lyondellbasell.com
|
7 |
Technology – The principal products of the Technology segment include polyolefin catalysts and production process technology licenses and related services.
Table 7 - Technology Financial Overview
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| Millions of U.S. dollars |
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||
| Operating income |
$ | 30 | $ | 38 | $ | 23 | $ | 68 | $ | 89 | ||||||||||
| EBITDA |
49 | 57 | 42 | 106 | 133 | |||||||||||||||
Three months ended June 30, 2012 versus three months ended March 31, 2012 – Results decreased primarily due to lower licensing and services income coupled with lower catalyst volumes.
Three months ended June 30, 2012 versus three months ended June 30, 2011 – Results increased due to lower research and development costs more than offsetting a decline in catalyst sales.
Liquidity
Company liquidity, defined as cash and cash equivalents plus funds available through established lines of credit, was approximately $4.4 billion on June 30, 2012. The company’s cash balance was approximately $2.0 billion on June 30, 2012.
Capital Spending
Capital expenditures, including maintenance turnaround, catalyst and information technology related expenditures, were $236 million during the second quarter 2012.
CONFERENCE CALL
LyondellBasell will host a conference call today, July 27, 2012, at 11 a.m ET. Participating on the call will be Jim Gallogly, Chief Executive Officer; Karyn Ovelmen, Executive Vice President and Chief Financial Officer; Sergey Vasnetsov, Senior Vice President - Strategic Planning and Transactions; and Doug Pike, Vice President of Investor Relations.
The toll-free dial-in number in the U.S. is 888-606-9542. For international numbers, please go to the company website, www.lyondellbasell.com/teleconference, for a complete listing of toll-free numbers by country. The pass code for all numbers is 1037125.
A replay of the call will be available from 3 p.m. ET July 27 to 11 p.m. ET on August 27. The replay dial-in numbers are 866-418-8384 (U.S.) and +1 203-369-0754 (international). The pass code for each is 2378.
A copy of the slides that accompany the call will be available on the LyondellBasell website at http://www.lyondellbasell.com/earnings.
| LyondellBasell Industries www.lyondellbasell.com
|
8 |
ABOUT LYONDELLBASELL
LyondellBasell (NYSE: LYB) is one of the world’s largest plastics, chemical and refining companies. The company manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive components, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.
FORWARD-LOOKING STATEMENTS
The statements in this release and the related teleconference relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures’ products, and the related effects of industry production capacities and operating rates; our ability to achieve expected cost savings and other synergies; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and service our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2011, which can be found at www.lyondellbasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov.
NON-GAAP MEASURES
This release makes reference to certain “non-GAAP” financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of the company’s ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.
| LyondellBasell Industries www.lyondellbasell.com
|
9 |
We have included EBITDA in this press release. EBITDA, as presented herein, may not be comparable to a similarly titled measure reported by other companies due to differences in the way the measure is calculated. For purposes of this release, EBITDA means earnings before interest, taxes, depreciation and amortization, as adjusted for other items management does not believe are indicative of the Company’s underlying results of operations such as impairment charges, reorganization items, and the effect of mark-to-market accounting on our warrants. EBITDA also includes dividends from joint ventures. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as alternatives to operating cash flows as a measure of our liquidity.
Quantitative reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures are provided in Tables 8 and 9 at the end of this release.
OTHER FINANCIAL MEASURE PRESENTATION NOTES
This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change. LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law.
###
Source: LyondellBasell Industries
| Media Contact: | David A. Harpole +1 713-309-4125 | |
| Investor Contact: | Douglas J. Pike +1 713-309-7141 |
| LyondellBasell Industries www.lyondellbasell.com
|
10 |
Table 8 - Reconciliation of Segment Information to Consolidated Financial Information
| 2011 | 2012 | |||||||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | YTD | ||||||||||||||||||||||||
| Sales and other operating revenues: |
||||||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 3,572 | $ | 4,010 | $ | 3,875 | $ | 3,423 | $ | 14,880 | $ | 3,349 | $ | 3,283 | $ | 6,632 | ||||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
3,988 | 4,292 | 3,954 | 3,357 | 15,591 | 3,898 | 3,575 | 7,473 | ||||||||||||||||||||||||
| Intermediates & Derivatives |
2,331 | 2,536 | 2,491 | 2,142 | 9,500 | 2,485 | 2,285 | 4,770 | ||||||||||||||||||||||||
| Refining |
2,867 | 3,996 | 3,955 | 2,888 | 13,706 | 3,203 | 3,496 | 6,699 | ||||||||||||||||||||||||
| Technology |
139 | 126 | 129 | 112 | 506 | 119 | 115 | 234 | ||||||||||||||||||||||||
| Other/elims |
(1,517 | ) | (1,654 | ) | (1,888 | ) | (941 | ) | (6,000 | ) | (1,320 | ) | (1,506 | ) | (2,826 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Continuing Operations |
$ | 11,380 | $ | 13,306 | $ | 12,516 | $ | 10,981 | $ | 48,183 | $ | 11,734 | $ | 11,248 | $ | 22,982 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Discontinued Operations |
$ | 872 | $ | 736 | $ | 781 | $ | 463 | $ | 2,852 | $ | 145 | $ | 42 | $ | 187 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Operating income (loss): |
||||||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 421 | $ | 508 | $ | 598 | $ | 328 | $ | 1,855 | $ | 519 | $ | 700 | $ | 1,219 | ||||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
175 | 203 | 130 | (73 | ) | 435 | 3 | 203 | 206 | |||||||||||||||||||||||
| Intermediates & Derivatives |
276 | 327 | 368 | 185 | 1,156 | 370 | 390 | 760 | ||||||||||||||||||||||||
| Refining |
158 | 258 | 390 | 3 | 809 | 10 | 124 | 134 | ||||||||||||||||||||||||
| Technology |
66 | 23 | 7 | 11 | 107 | 38 | 30 | 68 | ||||||||||||||||||||||||
| Other |
(1 | ) | (9 | ) | — | (15 | ) | (25 | ) | — | 2 | 2 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Continuing Operations |
$ | 1,095 | $ | 1,310 | $ | 1,493 | $ | 439 | $ | 4,337 | $ | 940 | $ | 1,449 | $ | 2,389 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Discontinued Operations |
$ | (30 | ) | $ | (45 | ) | $ | (26 | ) | $ | (238 | ) | $ | (339 | ) | $ | 6 | $ | (15 | ) | $ | (9 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Depreciation and amortization: |
||||||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 58 | $ | 59 | $ | 64 | $ | 65 | $ | 246 | $ | 65 | $ | 71 | $ | 136 | ||||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
57 | 66 | 69 | 70 | 262 | 69 | 69 | 138 | ||||||||||||||||||||||||
| Intermediates & Derivatives |
44 | 48 | 46 | 48 | 186 | 47 | 48 | 95 | ||||||||||||||||||||||||
| Refining |
32 | 35 | 37 | 49 | 153 | 38 | 37 | 75 | ||||||||||||||||||||||||
| Technology |
24 | 16 | 21 | 23 | 84 | 18 | 19 | 37 | ||||||||||||||||||||||||
| Other |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Continuing Operations |
$ | 215 | $ | 224 | $ | 237 | $ | 255 | $ | 931 | $ | 237 | $ | 244 | $ | 481 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Discontinued Operations |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| EBITDA: (a) |
||||||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 484 | $ | 577 | $ | 672 | $ | 407 | $ | 2,140 | $ | 598 | $ | 776 | $ | 1,374 | ||||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
329 | 273 | 247 | 45 | 894 | 101 | 335 | 436 | ||||||||||||||||||||||||
| Intermediates & Derivatives |
321 | 419 | 417 | 235 | 1,392 | 418 | 455 | 873 | ||||||||||||||||||||||||
| Refining |
190 | 293 | 427 | 67 | 977 | 48 | 161 | 209 | ||||||||||||||||||||||||
| Technology |
91 | 42 | 45 | 36 | 214 | 57 | 49 | 106 | ||||||||||||||||||||||||
| Other |
5 | (11 | ) | (2 | ) | (24 | ) | (32 | ) | 6 | (2 | ) | 4 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Continuing Operations |
$ | 1,420 | $ | 1,593 | $ | 1,806 | $ | 766 | $ | 5,585 | $ | 1,228 | $ | 1,774 | $ | 3,002 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Discontinued Operations |
$ | (18 | ) | $ | (40 | ) | $ | (18 | ) | $ | (230 | ) | $ | (306 | ) | $ | 8 | $ | (15 | ) | $ | (7 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Capital, turnarounds and IT deferred spending: |
||||||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 66 | $ | 138 | $ | 149 | $ | 72 | $ | 425 | $ | 102 | $ | 135 | $ | 237 | ||||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
42 | 37 | 46 | 110 | 235 | 60 | 39 | 99 | ||||||||||||||||||||||||
| Intermediates & Derivatives |
5 | 15 | 26 | 55 | 101 | 18 | 24 | 42 | ||||||||||||||||||||||||
| Refining |
96 | 49 | 45 | 34 | 224 | 38 | 27 | 65 | ||||||||||||||||||||||||
| Technology |
7 | 3 | 8 | 8 | 26 | 9 | 8 | 17 | ||||||||||||||||||||||||
| Other |
1 | 10 | — | 6 | 17 | 2 | 3 | 5 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
217 | 252 | 274 | 285 | 1,028 | 229 | 236 | 465 | ||||||||||||||||||||||||
| Deferred charges included above |
(1 | ) | — | (2 | ) | (4 | ) | (7 | ) | (1 | ) | (3 | ) | (4 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Continuing Operations |
$ | 216 | $ | 252 | $ | 272 | $ | 281 | $ | 1,021 | $ | 228 | $ | 233 | $ | 461 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Discontinued Operations |
$ | 5 | $ | 9 | $ | 7 | $ | 8 | $ | 29 | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) | See Table 9 for a reconciliation of total EBITDA to net income. |
| LyondellBasell Industries www.lyondellbasell.com
|
11 |
Table 9 - Reconciliation of EBITDA to Income from Continuing Operations
| 2011 | 2012 | |||||||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | YTD | ||||||||||||||||||||||||
| Segment EBITDA: |
||||||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 484 | $ | 577 | $ | 672 | $ | 407 | $ | 2,140 | $ | 598 | $ | 776 | $ | 1,374 | ||||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
329 | 273 | 247 | 45 | 894 | 101 | 335 | 436 | ||||||||||||||||||||||||
| Intermediates & Derivatives |
321 | 419 | 417 | 235 | 1,392 | 418 | 455 | 873 | ||||||||||||||||||||||||
| Refining |
190 | 293 | 427 | 67 | 977 | 48 | 161 | 209 | ||||||||||||||||||||||||
| Technology |
91 | 42 | 45 | 36 | 214 | 57 | 49 | 106 | ||||||||||||||||||||||||
| Other |
5 | (11 | ) | (2 | ) | (24 | ) | (32 | ) | 6 | (2 | ) | 4 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total EBITDA |
1,420 | 1,593 | 1,806 | 766 | 5,585 | 1,228 | 1,774 | 3,002 | ||||||||||||||||||||||||
| Adjustments to EBITDA: |
||||||||||||||||||||||||||||||||
| Lower of cost or market inventory adjustment |
— | — | — | — | — | — | 71 | 71 | ||||||||||||||||||||||||
| Sale of precious metals |
— | (41 | ) | — | — | (41 | ) | — | — | — | ||||||||||||||||||||||
| Corporate restructurings |
— | 61 | 14 | 18 | 93 | — | — | — | ||||||||||||||||||||||||
| Environmental accruals |
— | 16 | — | — | 16 | — | — | — | ||||||||||||||||||||||||
| Settlement related to Houston refinery crane incident |
— | — | — | (15 | ) | (15 | ) | — | — | — | ||||||||||||||||||||||
| Insurance settlement |
(34 | ) | — | — | — | (34 | ) | — | (100 | ) | (100 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Adjusted EBITDA |
1,386 | 1,629 | 1,820 | 769 | 5,604 | 1,228 | 1,745 | 2,973 | ||||||||||||||||||||||||
| Add: |
||||||||||||||||||||||||||||||||
| Income from equity investments |
58 | 73 | 52 | 33 | 216 | 46 | 27 | 73 | ||||||||||||||||||||||||
| Deduct: |
||||||||||||||||||||||||||||||||
| Adjustments to EBITDA |
34 | (36 | ) | (14 | ) | (3 | ) | (19 | ) | — | 29 | 29 | ||||||||||||||||||||
| Depreciation and amortization |
(215 | ) | (224 | ) | (237 | ) | (255 | ) | (931 | ) | (237 | ) | (244 | ) | (481 | ) | ||||||||||||||||
| Impairment charges |
— | (4 | ) | (19 | ) | — | (23 | ) | (22 | ) | — | (22 | ) | |||||||||||||||||||
| Asset retirement obligation |
— | — | (10 | ) | — | (10 | ) | — | — | — | ||||||||||||||||||||||
| Reorganization items |
(2 | ) | (28 | ) | — | (15 | ) | (45 | ) | 5 | (1 | ) | 4 | |||||||||||||||||||
| Interest expense, net |
(155 | ) | (164 | ) | (145 | ) | (542 | ) | (1,006 | ) | (95 | ) | (409 | ) | (504 | ) | ||||||||||||||||
| Joint venture dividends received |
(96 | ) | (11 | ) | (55 | ) | (44 | ) | (206 | ) | (14 | ) | (73 | ) | (87 | ) | ||||||||||||||||
| Provision for income taxes |
(263 | ) | (388 | ) | (506 | ) | 98 | (1,059 | ) | (301 | ) | (306 | ) | (607 | ) | |||||||||||||||||
| Non-controlling interests |
(3 | ) | (1 | ) | — | (3 | ) | (7 | ) | (1 | ) | (2 | ) | (3 | ) | |||||||||||||||||
| Fair value change in warrants |
(59 | ) | 6 | 22 | (6 | ) | (37 | ) | (10 | ) | — | (10 | ) | |||||||||||||||||||
| Other |
(3 | ) | (1 | ) | 3 | (5 | ) | (6 | ) | (5 | ) | 2 | (3 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Income from continuing operations |
682 | 851 | 911 | 27 | 2,471 | 594 | 768 | 1,362 | ||||||||||||||||||||||||
| Adjustments to EBITDA |
(34 | ) | 36 | 14 | 3 | 19 | — | (29 | ) | (29 | ) | |||||||||||||||||||||
| Premiums and charges on early repayment of debt |
— | 12 | — | 431 | 443 | — | 329 | 329 | ||||||||||||||||||||||||
| Reorganization items |
2 | 28 | — | 15 | 45 | (5 | ) | — | (5 | ) | ||||||||||||||||||||||
| Asset retirement obligation |
— | — | 10 | — | 10 | — | — | — | ||||||||||||||||||||||||
| Fair value change in warrants |
59 | (6 | ) | (22 | ) | 6 | 37 | 10 | — | 10 | ||||||||||||||||||||||
| Impairment charges |
— | 4 | 19 | — | 23 | 22 | — | 22 | ||||||||||||||||||||||||
| Tax impact of net income (loss) adjustments |
11 | (21 | ) | (5 | ) | (154 | ) | (169 | ) | (5 | ) | (109 | ) | (114 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted income from continuing operations |
$ | 720 | $ | 904 | $ | 927 | $ | 328 | $ | 2,879 | $ | 616 | $ | 959 | $ | 1,575 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Earnings (loss) per share: |
||||||||||||||||||||||||||||||||
| Diluted earnings per share – continuing operations |
$ | 1.19 | $ | 1.46 | $ | 1.54 | $ | 0.05 | $ | 4.32 | $ | 1.03 | $ | 1.33 | $ | 2.36 | ||||||||||||||||
| Adjustments to continuing operations |
0.07 | 0.09 | 0.03 | 0.52 | 0.69 | 0.04 | 0.32 | 0.36 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted diluted earnings per share |
$ | 1.26 | $ | 1.55 | $ | 1.57 | $ | 0.57 | $ | 5.01 | $ | 1.07 | $ | 1.65 | $ | 2.72 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| LyondellBasell Industries www.lyondellbasell.com |
12 |
Table 10 - Selected Segment Operating Information
| 2011 | 2012 | |||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | YTD | |||||||||||||||||||||||||
| Olefins and Polyolefins - Americas |
||||||||||||||||||||||||||||||||
| Volumes (million pounds) |
||||||||||||||||||||||||||||||||
| Ethylene produced |
2,089 | 1,929 | 2,134 | 2,201 | 8,353 | 1,988 | 2,134 | 4,122 | ||||||||||||||||||||||||
| Propylene produced |
769 | 556 | 838 | 744 | 2,907 | 533 | 615 | 1,148 | ||||||||||||||||||||||||
| Polyethylene sold |
1,405 | 1,377 | 1,368 | 1,343 | 5,493 | 1,448 | 1,316 | 2,764 | ||||||||||||||||||||||||
| Polypropylene sold |
585 | 611 | 635 | 640 | 2,471 | 650 | 634 | 1,284 | ||||||||||||||||||||||||
| Benchmark Market Prices |
||||||||||||||||||||||||||||||||
| West Texas Intermediate crude oil (USD per barrel) |
94.60 | 102.34 | 89.54 | 94.06 | 95.11 | 103.03 | 93.35 | 98.15 | ||||||||||||||||||||||||
| Light Louisiana Sweet (“LLS”) crude oil (USD per barrel) |
107.83 | 118.34 | 112.46 | 110.81 | 112.40 | 119.85 | 108.24 | 114.00 | ||||||||||||||||||||||||
| Natural gas (USD per million BTUs) |
4.19 | 4.43 | 4.31 | 3.64 | 4.14 | 2.65 | 2.33 | 2.49 | ||||||||||||||||||||||||
| U.S. weighted average cost of ethylene production (cents/pound) |
32.6 | 33.8 | 34.3 | 41.6 | 35.6 | 28.5 | 18.4 | 23.4 | ||||||||||||||||||||||||
| U.S. ethylene (cents/pound) |
49.3 | 57.5 | 55.8 | 54.4 | 54.3 | 54.9 | 46.9 | 50.9 | ||||||||||||||||||||||||
| U.S. polyethylene [high density] (cents/pound) |
61.7 | 68.7 | 63.0 | 59.7 | 63.3 | 67.0 | 63.0 | 65.0 | ||||||||||||||||||||||||
| U.S. propylene (cents/pound) |
71.7 | 87.3 | 76.5 | 57.8 | 73.3 | 67.2 | 64.2 | 65.7 | ||||||||||||||||||||||||
| U.S. polypropylene [homopolymer] (cents/pound) |
89.3 | 99.7 | 90.2 | 70.7 | 87.5 | 81.2 | 76.7 | 78.9 | ||||||||||||||||||||||||
| Olefins and Polyolefins - Europe, Asia, International |
||||||||||||||||||||||||||||||||
| Volumes (million pounds) |
||||||||||||||||||||||||||||||||
| Ethylene produced |
997 | 999 | 926 | 807 | 3,729 | 947 | 930 | 1,877 | ||||||||||||||||||||||||
| Propylene produced |
608 | 631 | 560 | 487 | 2,286 | 577 | 562 | 1,139 | ||||||||||||||||||||||||
| Polyethylene sold |
1,305 | 1,279 | 1,349 | 1,210 | 5,143 | 1,316 | 1,137 | 2,453 | ||||||||||||||||||||||||
| Polypropylene sold |
1,704 | 1,631 | 1,638 | 1,651 | 6,624 | 1,659 | 1,448 | 3,107 | ||||||||||||||||||||||||
| Benchmark Market Prices |
||||||||||||||||||||||||||||||||
| Western Europe weighted average cost of ethylene production (€0.01 per pound) |
34.7 | 35.4 | 37.3 | 38.5 | 36.5 | 45.4 | 31.7 | 38.5 | ||||||||||||||||||||||||
| Western Europe ethylene (€0.01 per pound) |
52.0 | 54.7 | 50.3 | 49.7 | 51.7 | 55.1 | 58.6 | 56.8 | ||||||||||||||||||||||||
| Western Europe polyethylene [high density] (€0.01 per pound) |
55.9 | 59.3 | 54.0 | 52.5 | 55.4 | 58.6 | 60.9 | 59.7 | ||||||||||||||||||||||||
| Western Europe propylene (€0.01 per pound) |
50.8 | 55.3 | 50.2 | 46.5 | 50.7 | 50.1 | 54.1 | 52.1 | ||||||||||||||||||||||||
| Western Europe polypropylene [homopolymer] (€0.01 per pound) |
61.3 | 63.8 | 57.0 | 53.0 | 58.8 | 57.9 | 60.4 | 59.2 | ||||||||||||||||||||||||
| Intermediates and Derivatives |
||||||||||||||||||||||||||||||||
| Volumes (million pounds) |
||||||||||||||||||||||||||||||||
| Propylene oxide and derivatives |
838 | 791 | 758 | 716 | 3,103 | 828 | 800 | 1,628 | ||||||||||||||||||||||||
| Ethylene oxide and derivatives |
288 | 277 | 281 | 254 | 1,100 | 312 | 275 | 587 | ||||||||||||||||||||||||
| Styrene monomer |
852 | 817 | 714 | 682 | 3,065 | 704 | 678 | 1,382 | ||||||||||||||||||||||||
| Acetyls |
439 | 417 | 411 | 370 | 1,637 | 489 | 444 | 933 | ||||||||||||||||||||||||
| TBA Intermediates |
485 | 459 | 433 | 418 | 1,795 | 462 | 448 | 910 | ||||||||||||||||||||||||
| Volumes (million gallons) |
||||||||||||||||||||||||||||||||
| MTBE/ETBE |
192 | 206 | 260 | 210 | 868 | 205 | 196 | 401 | ||||||||||||||||||||||||
| Benchmark Market Margins |
||||||||||||||||||||||||||||||||
| MTBE - Northwest Europe (cents per gallon) |
58.9 | 92.7 | 94.1 | 87.0 | 83.1 | 125.1 | 122.0 | 123.6 | ||||||||||||||||||||||||
| Refining |
||||||||||||||||||||||||||||||||
| Volumes |
||||||||||||||||||||||||||||||||
| Houston Refining crude processing rate (thousands of barrels per day) |
258 | 263 | 269 | 262 | 263 | 259 | 267 | 263 | ||||||||||||||||||||||||
| Benchmark Market Margins |
||||||||||||||||||||||||||||||||
| Light crude oil - 2-1-1 |
6.00 | 10.28 | 9.54 | 5.26 | 7.80 | 9.34 | 14.04 | 11.71 | ||||||||||||||||||||||||
| Light crude oil - Maya differential |
17.87 | 15.50 | 13.99 | 7.45 | 13.76 | 10.81 | 9.12 | 9.84 | ||||||||||||||||||||||||
Note - Benchmark market prices for U.S. and Western Europe polyethylene and polypropylene reflect discounted prices.
Source: CMAI, Bloomberg, LyondellBasell Industries
| LyondellBasell Industries www.lyondellbasell.com
|
13 |
Table 11 - Unaudited Income Statement Information
| 2011 | 2012 | |||||||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | YTD | ||||||||||||||||||||||||
| Sales and other operating revenues |
$ | 11,380 | $ | 13,306 | $ | 12,516 | $ | 10,981 | $ | 48,183 | $ | 11,734 | $ | 11,248 | $ | 22,982 | ||||||||||||||||
| Cost of sales |
10,037 | 11,704 | 10,734 | 10,257 | 42,732 | 10,532 | 9,561 | 20,093 | ||||||||||||||||||||||||
| Selling, general and administrative expenses |
215 | 236 | 236 | 231 | 918 | 223 | 201 | 424 | ||||||||||||||||||||||||
| Research and development expenses |
33 | 56 | 53 | 54 | 196 | 39 | 37 | 76 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Operating income |
1,095 | 1,310 | 1,493 | 439 | 4,337 | 940 | 1,449 | 2,389 | ||||||||||||||||||||||||
| Income from equity investments |
58 | 73 | 51 | 33 | 215 | 46 | 27 | 73 | ||||||||||||||||||||||||
| Interest expense, net |
(156 | ) | (163 | ) | (146 | ) | (542 | ) | (1,007 | ) | (95 | ) | (409 | ) | (504 | ) | ||||||||||||||||
| Other income (expense), net |
(50 | ) | 47 | 19 | 14 | 30 | (1 | ) | 8 | 7 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Income before income taxes and reorganization items |
947 | 1,267 | 1,417 | (56 | ) | 3,575 | 890 | 1,075 | 1,965 | |||||||||||||||||||||||
| Reorganization items |
(2 | ) | (28 | ) | — | (15 | ) | (45 | ) | 5 | (1 | ) | 4 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Income (loss) before taxes |
945 | 1,239 | 1,417 | (71 | ) | 3,530 | 895 | 1,074 | 1,969 | |||||||||||||||||||||||
| Provision for (benefit from) income taxes |
263 | 388 | 506 | (98 | ) | 1,059 | 301 | 306 | 607 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Income from continuing operations |
682 | 851 | 911 | 27 | 2,471 | 594 | 768 | 1,362 | ||||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
(22 | ) | (48 | ) | (16 | ) | (245 | ) | (331 | ) | 5 | — | 5 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net income (loss) |
660 | 803 | 895 | (218 | ) | 2,140 | 599 | 768 | 1,367 | |||||||||||||||||||||||
| Net loss attributable to non-controlling interests |
3 | 1 | — | 3 | 7 | 1 | 2 | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net income (loss) attributable to the Company |
$ | 663 | $ | 804 | $ | 895 | $ | (215 | ) | $ | 2,147 | $ | 600 | $ | 770 | $ | 1,370 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| LyondellBasell Industries www.lyondellbasell.com
|
14 |
Table 12 - Unaudited Cash Flow Information
| 2011 | 2012 | |||||||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | YTD | ||||||||||||||||||||||||
| Net cash provided by operating activities |
$ | 221 | $ | 1,026 | $ | 1,531 | $ | 91 | $ | 2,869 | $ | 921 | $ | 509 | $ | 1,430 | ||||||||||||||||
| Net cash used in investing activities |
(216 | ) | (435 | ) | (320 | ) | (50 | ) | (1,021 | ) | (185 | ) | (245 | ) | (430 | ) | ||||||||||||||||
| Net cash provided by (used in) financing activities |
28 | (327 | ) | (118 | ) | (4,547 | ) | (4,964 | ) | (148 | ) | 50 | (98 | ) | ||||||||||||||||||
| LyondellBasell Industries www.lyondellbasell.com
|
15 |
Table 13 - Unaudited Balance Sheet Information
| March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
| (Millions of U.S. dollars) |
2011 | 2011 | 2011 | 2011 | 2012 | 2012 | ||||||||||||||||||
| Cash and cash equivalents |
$ | 4,383 | $ | 4,687 | $ | 5,609 | $ | 1,065 | $ | 1,670 | $ | 1,950 | ||||||||||||
| Restricted cash |
— | 250 | 292 | 53 | 9 | 14 | ||||||||||||||||||
| Accounts receivable, net |
4,764 | 4,901 | 4,038 | 3,778 | 4,209 | 3,888 | ||||||||||||||||||
| Inventories |
5,726 | 5,577 | 5,682 | 5,499 | 5,208 | 5,759 | ||||||||||||||||||
| Prepaid expenses and other current assets |
1,100 | 1,098 | 1,097 | 1,040 | 1,002 | 755 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current assets |
15,973 | 16,513 | 16,718 | 11,435 | 12,098 | 12,366 | ||||||||||||||||||
| Property, plant and equipment, net |
7,440 | 7,569 | 7,363 | 7,333 | 7,426 | 7,237 | ||||||||||||||||||
| Investments and long-term receivables: |
||||||||||||||||||||||||
| Investment in PO joint ventures |
444 | 436 | 422 | 412 | 415 | 411 | ||||||||||||||||||
| Equity investments |
1,586 | 1,654 | 1,594 | 1,559 | 1,605 | 1,521 | ||||||||||||||||||
| Related party receivable |
14 | 19 | 4 | 4 | 4 | — | ||||||||||||||||||
| Other investments and long-term receivables |
66 | 63 | 67 | 68 | 72 | 70 | ||||||||||||||||||
| Goodwill |
807 | 621 | 598 | 585 | 595 | 576 | ||||||||||||||||||
| Intangible assets, net |
1,344 | 1,310 | 1,237 | 1,177 | 1,149 | 1,103 | ||||||||||||||||||
| Other assets, net |
274 | 290 | 264 | 266 | 245 | 261 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total assets |
$ | 27,948 | $ | 28,475 | $ | 28,267 | $ | 22,839 | $ | 23,609 | $ | 23,545 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Current maturities of long-term debt |
$ | 253 | $ | 2 | $ | 2 | $ | 4 | $ | — | $ | — | ||||||||||||
| Short-term debt |
51 | 50 | 49 | 48 | 42 | 48 | ||||||||||||||||||
| Accounts payable |
4,099 | 3,999 | 3,307 | 3,414 | 3,545 | 3,004 | ||||||||||||||||||
| Accrued liabilities |
1,711 | 1,613 | 1,505 | 1,242 | 1,049 | 915 | ||||||||||||||||||
| Deferred income taxes |
246 | 315 | 315 | 310 | 310 | 277 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current liabilities |
6,360 | 5,979 | 5,178 | 5,018 | 4,946 | 4,244 | ||||||||||||||||||
| Long-term debt |
5,805 | 5,813 | 5,782 | 3,980 | 3,984 | 4,305 | ||||||||||||||||||
| Other liabilities |
2,043 | 2,110 | 2,021 | 2,277 | 2,281 | 2,208 | ||||||||||||||||||
| Deferred income taxes |
1,027 | 947 | 1,204 | 917 | 1,035 | 1,245 | ||||||||||||||||||
| Stockholders’ equity |
12,671 | 13,579 | 14,025 | 10,593 | 11,310 | 11,492 | ||||||||||||||||||
| Non-controlling interests |
42 | 47 | 57 | 54 | 53 | 51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities and stockholders’ equity |
$ | 27,948 | $ | 28,475 | $ | 28,267 | $ | 22,839 | $ | 23,609 | $ | 23,545 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LyondellBasell Industries www.lyondellbasell.com
|
16 |
Appendix A - Reconciliation of Segment Information to Consolidated Financial Information – As Previously Reported
| 2011 | 2012 | |||||||||||||||||||||||||||
| (Millions of U.S. dollars) | May 1 - December 31 |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | |||||||||||||||||||||
| Sales and other operating revenues: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 8,406 | $ | 3,572 | $ | 4,010 | $ | 3,875 | $ | 3,423 | $ | 14,880 | $ | 3,349 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
8,729 | 3,944 | 4,264 | 3,918 | 3,334 | 15,460 | 3,866 | |||||||||||||||||||||
| Intermediates & Derivatives |
3,754 | 1,692 | 1,777 | 1,617 | 1,401 | 6,487 | 1,699 | |||||||||||||||||||||
| Refining & Oxyfuels |
10,321 | 4,720 | 5,833 | 5,869 | 4,311 | 20,733 | 4,261 | |||||||||||||||||||||
| Technology |
365 | 139 | 126 | 129 | 112 | 506 | 119 | |||||||||||||||||||||
| Other/elims |
(3,891 | ) | (1,815 | ) | (1,968 | ) | (2,111 | ) | (1,137 | ) | (7,031 | ) | (1,415 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 27,684 | $ | 12,252 | $ | 14,042 | $ | 13,297 | $ | 11,444 | $ | 51,035 | $ | 11,879 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income (loss): |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,043 | $ | 421 | $ | 509 | $ | 599 | $ | 328 | $ | 1,857 | $ | 519 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
411 | 179 | 207 | 144 | (55 | ) | 475 | 5 | ||||||||||||||||||||
| Intermediates & Derivatives |
512 | 234 | 235 | 259 | 134 | 862 | 245 | |||||||||||||||||||||
| Refining & Oxyfuels |
241 | 164 | 296 | 454 | (196 | ) | 718 | 140 | ||||||||||||||||||||
| Technology |
69 | 66 | 23 | 7 | 11 | 107 | 38 | |||||||||||||||||||||
| Other |
(22 | ) | 1 | (5 | ) | 4 | (21 | ) | (21 | ) | (1 | ) | ||||||||||||||||
| Current cost adjustment |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 2,254 | $ | 1,065 | $ | 1,265 | $ | 1,467 | $ | 201 | $ | 3,998 | $ | 946 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Depreciation and amortization: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 151 | $ | 58 | $ | 59 | $ | 64 | $ | 65 | $ | 246 | $ | 65 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
146 | 57 | 66 | 69 | 70 | 262 | 69 | |||||||||||||||||||||
| Intermediates & Derivatives |
81 | 34 | 37 | 35 | 36 | 142 | 35 | |||||||||||||||||||||
| Refining & Oxyfuels |
107 | 42 | 46 | 48 | 61 | 197 | 50 | |||||||||||||||||||||
| Technology |
78 | 24 | 16 | 21 | 23 | 84 | 18 | |||||||||||||||||||||
| Other |
(5 | ) | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 558 | $ | 215 | $ | 224 | $ | 237 | $ | 255 | $ | 931 | $ | 237 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| EBITDA: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,195 | $ | 484 | $ | 578 | $ | 673 | $ | 407 | $ | 2,142 | $ | 598 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
588 | 333 | 275 | 261 | 62 | 931 | 103 | |||||||||||||||||||||
| Intermediates & Derivatives |
599 | 270 | 314 | 297 | 173 | 1,054 | 282 | |||||||||||||||||||||
| Refining & Oxyfuels |
373 | 210 | 353 | 519 | (110 | ) | 972 | 192 | ||||||||||||||||||||
| Technology |
151 | 91 | 42 | 45 | 36 | 214 | 57 | |||||||||||||||||||||
| Other |
(1 | ) | 14 | (9 | ) | (7 | ) | (32 | ) | (34 | ) | 4 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total EBITDA |
2,905 | 1,402 | 1,553 | 1,788 | 536 | 5,279 | 1,236 | |||||||||||||||||||||
| LCM inventory valuation adjustments |
42 | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total excluding LCM inventory valuation adjustments |
$ | 2,947 | $ | 1,402 | $ | 1,553 | $ | 1,788 | $ | 536 | $ | 5,279 | $ | 1,236 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital, turnarounds and IT deferred spending: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 146 | $ | 66 | $ | 138 | $ | 149 | $ | 72 | $ | 425 | $ | 102 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
106 | 42 | 37 | 46 | 110 | 235 | 60 | |||||||||||||||||||||
| Intermediates & Derivatives |
76 | 5 | 15 | 25 | 54 | 99 | 18 | |||||||||||||||||||||
| Refining & Oxyfuels |
108 | 101 | 58 | 53 | 43 | 255 | 38 | |||||||||||||||||||||
| Technology |
19 | 7 | 3 | 8 | 8 | 26 | 9 | |||||||||||||||||||||
| Other |
26 | 1 | 10 | — | 6 | 17 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
481 | 222 | 261 | 281 | 293 | 1,057 | 229 | |||||||||||||||||||||
| Deferred charges included above |
(15 | ) | (1 | ) | — | (2 | ) | (4 | ) | (7 | ) | (1 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital expenditures |
$ | 466 | $ | 221 | $ | 261 | $ | 279 | $ | 289 | $ | 1,050 | $ | 228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| LyondellBasell Industries www.lyondellbasell.com
|
17 |
Appendix B - Reconciliation of Segment Information to Consolidated Financial Information – Realignment for Oxyfuels
| 2010 | 2011 | 2012 | ||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
May 1 - December 31 |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | |||||||||||||||||||||
| Sales and other operating revenues: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 8,406 | $ | 3,572 | $ | 4,010 | $ | 3,875 | $ | 3,423 | $ | 14,880 | $ | 3,349 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
8,729 | 3,944 | 4,264 | 3,918 | 3,334 | 15,460 | 3,866 | |||||||||||||||||||||
| Intermediates & Derivatives |
5,414 | 2,341 | 2,556 | 2,511 | 2,149 | 9,557 | 2,485 | |||||||||||||||||||||
| Refining |
8,692 | 4,081 | 5,074 | 4,995 | 3,570 | 17,720 | 3,475 | |||||||||||||||||||||
| Technology |
365 | 139 | 126 | 129 | 112 | 506 | 119 | |||||||||||||||||||||
| Other/elims |
(3,922 | ) | (1,825 | ) | (1,988 | ) | (2,131 | ) | (1,144 | ) | (7,088 | ) | (1,415 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 27,684 | $ | 12,252 | $ | 14,042 | $ | 13,297 | $ | 11,444 | $ | 51,035 | $ | 11,879 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income (loss): |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,043 | $ | 421 | $ | 509 | $ | 599 | $ | 328 | $ | 1,857 | $ | 519 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
411 | 179 | 207 | 144 | (55 | ) | 475 | 5 | ||||||||||||||||||||
| Intermediates & Derivatives |
626 | 275 | 323 | 366 | 186 | 1,150 | 370 | |||||||||||||||||||||
| Refining |
127 | 123 | 208 | 347 | (248 | ) | 430 | 15 | ||||||||||||||||||||
| Technology |
69 | 66 | 23 | 7 | 11 | 107 | 38 | |||||||||||||||||||||
| Other |
(22 | ) | 1 | (5 | ) | 4 | (21 | ) | (21 | ) | (1 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 2,254 | $ | 1,065 | $ | 1,265 | $ | 1,467 | $ | 201 | $ | 3,998 | $ | 946 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Depreciation and amortization: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 151 | $ | 58 | $ | 59 | $ | 64 | $ | 65 | $ | 246 | $ | 65 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
146 | 57 | 66 | 69 | 70 | 262 | 69 | |||||||||||||||||||||
| Intermediates & Derivatives |
105 | 44 | 48 | 46 | 48 | 186 | 47 | |||||||||||||||||||||
| Refining |
83 | 32 | 35 | 37 | 49 | 153 | 38 | |||||||||||||||||||||
| Technology |
78 | 24 | 16 | 21 | 23 | 84 | 18 | |||||||||||||||||||||
| Other |
(5 | ) | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 558 | $ | 215 | $ | 224 | $ | 237 | $ | 255 | $ | 931 | $ | 237 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| EBITDA: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,195 | $ | 484 | $ | 578 | $ | 673 | $ | 407 | $ | 2,142 | $ | 598 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
588 | 333 | 275 | 261 | 62 | 931 | 103 | |||||||||||||||||||||
| Intermediates & Derivatives |
744 | 320 | 415 | 415 | 236 | 1,386 | 418 | |||||||||||||||||||||
| Refining |
228 | 160 | 252 | 401 | (173 | ) | 640 | 56 | ||||||||||||||||||||
| Technology |
151 | 91 | 42 | 45 | 36 | 214 | 57 | |||||||||||||||||||||
| Other |
(1 | ) | 14 | (9 | ) | (7 | ) | (32 | ) | (34 | ) | 4 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total EBITDA |
2,905 | 1,402 | 1,553 | 1,788 | 536 | 5,279 | 1,236 | |||||||||||||||||||||
| LCM inventory valuation adjustments |
42 | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total excluding LCM inventory valuation adjustments |
$ | 2,947 | $ | 1,402 | $ | 1,553 | $ | 1,788 | $ | 536 | $ | 5,279 | $ | 1,236 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital, turnarounds and IT deferred spending: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 146 | $ | 66 | $ | 138 | $ | 149 | $ | 72 | $ | 425 | $ | 102 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
106 | 42 | 37 | 46 | 110 | 235 | 60 | |||||||||||||||||||||
| Intermediates & Derivatives |
79 | 5 | 15 | 26 | 55 | 101 | 18 | |||||||||||||||||||||
| Refining |
105 | 101 | 58 | 52 | 42 | 253 | 38 | |||||||||||||||||||||
| Technology |
19 | 7 | 3 | 8 | 8 | 26 | 9 | |||||||||||||||||||||
| Other |
26 | 1 | 10 | — | 6 | 17 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
481 | 222 | 261 | 281 | 293 | 1,057 | 229 | |||||||||||||||||||||
| Deferred charges included above |
(15 | ) | (1 | ) | — | (2 | ) | (4 | ) | (7 | ) | (1 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital expenditures |
$ | 466 | $ | 221 | $ | 261 | $ | 279 | $ | 289 | $ | 1,050 | $ | 228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| LyondellBasell Industries www.lyondellbasell.com
|
18 |
Appendix C - Reconciliation of Segment Information to Consolidated Financial Information – Discontinued Operations - Berre Refinery
| 2010 | 2011 | 2012 | ||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
May 1 - December 31 |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | |||||||||||||||||||||
| Sales and other operating revenues: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 8,406 | $ | 3,572 | $ | 4,010 | $ | 3,875 | $ | 3,423 | $ | 14,880 | $ | 3,349 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
8,950 | 3,988 | 4,292 | 3,954 | 3,357 | 15,591 | 3,898 | |||||||||||||||||||||
| Intermediates & Derivatives |
3,723 | 1,682 | 1,757 | 1,597 | 1,394 | 6,430 | 1,699 | |||||||||||||||||||||
| Refining & Oxyfuels |
7,888 | 3,506 | 4,755 | 4,829 | 3,629 | 16,719 | 3,989 | |||||||||||||||||||||
| Technology |
365 | 139 | 126 | 129 | 112 | 506 | 119 | |||||||||||||||||||||
| Other/elims |
(3,200 | ) | (1,507 | ) | (1,634 | ) | (1,868 | ) | (934 | ) | (5,943 | ) | (1,320 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
$ | 26,132 | $ | 11,380 | $ | 13,306 | $ | 12,516 | $ | 10,981 | $ | 48,183 | $ | 11,734 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | 1,552 | $ | 872 | $ | 736 | $ | 781 | $ | 463 | $ | 2,852 | $ | 145 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income (loss): |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,039 | $ | 421 | $ | 508 | $ | 598 | $ | 328 | $ | 1,855 | $ | 519 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
367 | 175 | 203 | 130 | (73 | ) | 435 | 3 | ||||||||||||||||||||
| Intermediates & Derivatives |
515 | 235 | 239 | 261 | 133 | 868 | 245 | |||||||||||||||||||||
| Refining & Oxyfuels |
322 | 199 | 346 | 497 | 55 | 1,097 | 135 | |||||||||||||||||||||
| Technology |
69 | 66 | 23 | 7 | 11 | 107 | 38 | |||||||||||||||||||||
| Other |
(20 | ) | (1 | ) | (9 | ) | — | (15 | ) | (25 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
$ | 2,292 | $ | 1,095 | $ | 1,310 | $ | 1,493 | $ | 439 | $ | 4,337 | $ | 940 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | (38 | ) | $ | (30 | ) | $ | (45 | ) | $ | (26 | ) | $ | (238 | ) | $ | (339 | ) | $ | 6 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Depreciation and amortization: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 151 | $ | 58 | $ | 59 | $ | 64 | $ | 65 | $ | 246 | $ | 65 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
147 | 57 | 66 | 69 | 70 | 262 | 69 | |||||||||||||||||||||
| Intermediates & Derivatives |
81 | 34 | 37 | 35 | 36 | 142 | 35 | |||||||||||||||||||||
| Refining & Oxyfuels |
106 | 42 | 46 | 48 | 61 | 197 | 50 | |||||||||||||||||||||
| Technology |
78 | 24 | 16 | 21 | 23 | 84 | 18 | |||||||||||||||||||||
| Other |
(5 | ) | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
$ | 558 | $ | 215 | $ | 224 | $ | 237 | $ | 255 | $ | 931 | $ | 237 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| EBITDA: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,191 | $ | 484 | $ | 577 | $ | 672 | $ | 407 | $ | 2,140 | $ | 598 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
549 | 329 | 273 | 247 | 45 | 894 | 101 | |||||||||||||||||||||
| Intermediates & Derivatives |
602 | 271 | 318 | 299 | 172 | 1,060 | 282 | |||||||||||||||||||||
| Refining & Oxyfuels |
429 | 240 | 394 | 545 | 130 | 1,309 | 184 | |||||||||||||||||||||
| Technology |
151 | 91 | 42 | 45 | 36 | 214 | 57 | |||||||||||||||||||||
| Other |
8 | 5 | (11 | ) | (2 | ) | (24 | ) | (32 | ) | 6 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
2,930 | 1,420 | 1,593 | 1,806 | 766 | 5,585 | 1,228 | |||||||||||||||||||||
| LCM inventory valuation adjustments |
42 | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations excluding LCM inventory valuation adjustments |
$ | 2,972 | $ | 1,420 | $ | 1,593 | $ | 1,806 | $ | 766 | $ | 5,585 | $ | 1,228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | (25 | ) | $ | (18 | ) | $ | (40 | ) | $ | (18 | ) | $ | (230 | ) | $ | (306 | ) | $ | 8 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital, turnarounds and IT deferred spending: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 146 | $ | 66 | $ | 138 | $ | 149 | $ | 72 | $ | 425 | $ | 102 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
106 | 42 | 37 | 46 | 110 | 235 | 60 | |||||||||||||||||||||
| Intermediates & Derivatives |
76 | 5 | 15 | 25 | 54 | 99 | 18 | |||||||||||||||||||||
| Refining & Oxyfuels |
83 | 96 | 49 | 46 | 35 | 226 | 38 | |||||||||||||||||||||
| Technology |
19 | 7 | 3 | 8 | 8 | 26 | 9 | |||||||||||||||||||||
| Other |
26 | 1 | 10 | — | 6 | 17 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
456 | 217 | 252 | 274 | 285 | 1,028 | 229 | |||||||||||||||||||||
| Deferred charges included above |
(15 | ) | (1 | ) | — | (2 | ) | (4 | ) | (7 | ) | (1 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital expenditures of Continuing Operations |
$ | 441 | $ | 216 | $ | 252 | $ | 272 | $ | 281 | $ | 1,021 | $ | 228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | 25 | $ | 5 | $ | 9 | $ | 7 | $ | 8 | $ | 29 | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Note - Segment results for the periods presented above have been recast from amounts previously reported to reflect the effect of discontinued operations related to the shutdown of our Berre refinery in France and the realignment of our Oxyfuels business
| LyondellBasell Industries www.lyondellbasell.com
|
19 |
Appendix D - Reconciliation of Segment Information to Consolidated Financial Information – Recast for Segment Realignment and Discontinued Operations
| 2010 | 2011 | 2012 | ||||||||||||||||||||||||||
| (Millions of U.S. dollars) |
May 1 - December 31 |
Q1 | Q2 | Q3 | Q4 | Total | Q1 | |||||||||||||||||||||
| Sales and other operating revenues: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 8,406 | $ | 3,572 | $ | 4,010 | $ | 3,875 | $ | 3,423 | $ | 14,880 | $ | 3,349 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
8,950 | 3,988 | 4,292 | 3,954 | 3,357 | 15,591 | 3,898 | |||||||||||||||||||||
| Intermediates & Derivatives |
5,383 | 2,331 | 2,536 | 2,491 | 2,142 | 9,500 | 2,485 | |||||||||||||||||||||
| Refining |
6,259 | 2,867 | 3,996 | 3,955 | 2,888 | 13,706 | 3,203 | |||||||||||||||||||||
| Technology |
365 | 139 | 126 | 129 | 112 | 506 | 119 | |||||||||||||||||||||
| Other/elims |
(3,231 | ) | (1,517 | ) | (1,654 | ) | (1,888 | ) | (941 | ) | (6,000 | ) | (1,320 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
$ | 26,132 | $ | 11,380 | $ | 13,306 | $ | 12,516 | $ | 10,981 | $ | 48,183 | $ | 11,734 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | 1,552 | $ | 872 | $ | 736 | $ | 781 | $ | 463 | $ | 2,852 | $ | 145 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income (loss): |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,039 | $ | 421 | $ | 508 | $ | 598 | $ | 328 | $ | 1,855 | $ | 519 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
367 | 175 | 203 | 130 | (73 | ) | 435 | 3 | ||||||||||||||||||||
| Intermediates & Derivatives |
629 | 276 | 327 | 368 | 185 | 1,156 | 370 | |||||||||||||||||||||
| Refining |
208 | 158 | 258 | 390 | 3 | 809 | 10 | |||||||||||||||||||||
| Technology |
69 | 66 | 23 | 7 | 11 | 107 | 38 | |||||||||||||||||||||
| Other |
(20 | ) | (1 | ) | (9 | ) | — | (15 | ) | (25 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
$ | 2,292 | $ | 1,095 | $ | 1,310 | $ | 1,493 | $ | 439 | $ | 4,337 | $ | 940 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | (38 | ) | $ | (30 | ) | $ | (45 | ) | $ | (26 | ) | $ | (238 | ) | $ | (339 | ) | $ | 6 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Depreciation and amortization: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 151 | $ | 58 | $ | 59 | $ | 64 | $ | 65 | $ | 246 | $ | 65 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
147 | 57 | 66 | 69 | 70 | 262 | 69 | |||||||||||||||||||||
| Intermediates & Derivatives |
105 | 44 | 48 | 46 | 48 | 186 | 47 | |||||||||||||||||||||
| Refining |
82 | 32 | 35 | 37 | 49 | 153 | 38 | |||||||||||||||||||||
| Technology |
78 | 24 | 16 | 21 | 23 | 84 | 18 | |||||||||||||||||||||
| Other |
(5 | ) | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations |
$ | 558 | $ | 215 | $ | 224 | $ | 237 | $ | 255 | $ | 931 | $ | 237 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| EBITDA: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 1,191 | $ | 484 | $ | 577 | $ | 672 | $ | 407 | $ | 2,140 | $ | 598 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
549 | 329 | 273 | 247 | 45 | 894 | 101 | |||||||||||||||||||||
| Intermediates & Derivatives |
747 | 321 | 419 | 417 | 235 | 1,392 | 418 | |||||||||||||||||||||
| Refining |
284 | 190 | 293 | 427 | 67 | 977 | 48 | |||||||||||||||||||||
| Technology |
151 | 91 | 42 | 45 | 36 | 214 | 57 | |||||||||||||||||||||
| Other |
8 | 5 | (11 | ) | (2 | ) | (24 | ) | (32 | ) | 6 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total EBITDA |
2,930 | 1,420 | 1,593 | 1,806 | 766 | 5,585 | 1,228 | |||||||||||||||||||||
| LCM inventory valuation adjustments |
42 | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Continuing Operations excluding LCM inventory valuation adjustments |
$ | 2,972 | $ | 1,420 | $ | 1,593 | $ | 1,806 | $ | 766 | $ | 5,585 | $ | 1,228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | (25 | ) | $ | (18 | ) | $ | (40 | ) | $ | (18 | ) | $ | (230 | ) | $ | (306 | ) | $ | 8 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital, turnarounds and IT deferred spending: |
||||||||||||||||||||||||||||
| Olefins & Polyolefins - Americas |
$ | 146 | $ | 66 | $ | 138 | $ | 149 | $ | 72 | $ | 425 | $ | 102 | ||||||||||||||
| Olefins & Polyolefins - Europe, Asia, International |
106 | 42 | 37 | 46 | 110 | 235 | 60 | |||||||||||||||||||||
| Intermediates & Derivatives |
79 | 5 | 15 | 26 | 55 | 101 | 18 | |||||||||||||||||||||
| Refining |
80 | 96 | 49 | 45 | 34 | 224 | 38 | |||||||||||||||||||||
| Technology |
19 | 7 | 3 | 8 | 8 | 26 | 9 | |||||||||||||||||||||
| Other |
26 | 1 | 10 | — | 6 | 17 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
456 | 217 | 252 | 274 | 285 | 1,028 | 229 | |||||||||||||||||||||
| Deferred charges included above |
(15 | ) | (1 | ) | — | (2 | ) | (4 | ) | (7 | ) | (1 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital expenditures of Continuing Operations |
$ | 441 | $ | 216 | $ | 252 | $ | 272 | $ | 281 | $ | 1,021 | $ | 228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Discontinued Operations |
$ | 25 | $ | 5 | $ | 9 | $ | 7 | $ | 8 | $ | 29 | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Note - Segment results for the periods presented above have been recast from amounts previously reported to reflect the effect of discontinued operations related to the shutdown of our Berre refinery in France and the realignment of our Oxyfuels business.
| LyondellBasell Industries www.lyondellbasell.com
|
20 |